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Budget Report

UK Budget Report 2018

Income Tax

  • The personal allowance threshold, the rate at which people start paying income tax at 20%, to rise from £11,850 to £12,500 in April – a year earlier than planned
  • The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise from £46,350 to £50,000 in April
  • After that, the two rates will rise in line with inflation
  • National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.

Off Payroll IR35

  • The employer will be responsible for deduction of tax and NI for personal service companies
  • Small organisations will be exempt
  • The crackdown is the biggest revenue-raising measure in this year’s Budget

Support for the High Street

  • Small retail businesses will see their business rates bills cut by a third for two years from April 2019, saving them £900 million.
  • Local high streets will benefit from £675 million to improve transport links, re-develop empty shops as homes and offices and restore and re-use old and historic properties.
  • Public lavatories will receive 100% business rates relief.
  • This adds to previous reductions in business rates since Budget 2016 which will save firms over £12 billion over the next five years.

Annual Investment Allowance

  • The government will increase the Annual Investment Allowance five-fold from £200,000 to £1 million to help businesses to invest and grow.
  • Also, from October 2018, businesses will be able to deduct 2% of the cost of any new non-residential structures and buildings off their profits before they pay tax.

Jobs were always completed on time and at a consistently high standard. – Anna Morgans, Operations Director

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The information contained in this website is for general information purposes only. The information is provided by Adv Accountancy and while we endeavour to keep the information up to date and correct...
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Company Info:

A D V ACCOUNTANCY LIMITED
19 CLOS Y CARW
WOODGLADE LLANTWIT FARDRE
LLANTWIT FARDRE
R.C.T.
CF38 2BP
Registered in England and Wales.
Registration Number: 06792769

Contact Info:

Phone: 07791 630 242
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tina.jenkins@advaccountancy.co.uk
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